Redback Q1 loss narrows

Shares boosted 15 % after-hours

By

DebraMcGarry

SAN JOSE, Calif. (CBS.MW) -- Redback Networks shares were front and center in the evening session Wednesday after the telecom equipment maker posted a narrower-than-expected loss in the first quarter as revenue soared 166 percent.

Redback
RBAK
posted a pro forma loss of $18.4 million, or 13 cents, in its fiscal first quarter, 3 cents narrower than Wall Street estimates but well off its previous guidance.

In the same quarter a year ago, the company earned $1.4 million, or a penny a share.

Earlier this month, the San Jose, Calif.-based company warned that first-quarter revenue would fall below estimates and said that it would cut 12 percent of its work force, or 150 workers.

Quarterly revenue soared 166 percent to $90.9 million up from $34.1 million recorded last year, in the quarter ending March 31, 2000 and in line with current estimates.

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